HK-listed e-cigarette maker Smoore falls on discounted share sale

Smoore International Holdings

28/01/2021 02:36

** Shares of China's e-cigarette and vaping device maker
Smoore International Holdings Ltd  6969.HK  fall as much as 5%
to HK$76
    ** Smoore is the second most actively traded stock in early
trade
    ** Company has agreed to sell 60 mln new shares to major
shareholder Aletech Holding Ltd at HK$74.40 apiece, representing
a 7% discount to stock's Wednesday's close 
    ** The proceeds from sale worth about HK$4.46 bln ($575.3
mln) will be used for raising capital for expanding production
capacity, funding the rollout of products in the U.S. and for
R&D  urn:newsml:reuters.com:*:nFWN2K21L6
    ** Aletech will buy the new shares following the sale of the
same amount of existing shares at the same price to third party
investors
    ** Another shareholder Andy Xiong Holding Ltd has also
planned to sell 30 mln existing shares at the same price to
third party investors 
    ** The Hang Seng China enterprises index  .HSCE  slides 0.9%
and the benchmark index  .HSI  falls 1.1%
    
    

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)